My DW is a teacher, the cola annuity is an optional immediate annuity we can purchase. Normally I would not consider an annuity but the terms are so favorable we will likely go for it.
The pension without cola goes down in real dollars in future years (also shown on the graph) which I found interesting to see visually.
We are assuming our investments will keep up with inflation so they work like a cola stream in the chart. If they do better will adjust income up and if they do worse will adjust down.
I am thinking mapping out our income like is simple and easy to understand and eliminates the need to use 3% 4% or other SWR strategies.